Wedbush cuts Best Buy’s (NYSE:BBY) price target to $75.00

Best Buy (NYSE: BBY – Get a Rating) saw its price target lowered by Wedbush equity researchers from $80.00 to $75.00 in a research note released on Wednesday, reports The Fly. The company currently has a “buy” rating on the tech retailer’s stock. Wedbush’s price target suggests a potential upside of 2.08% from the company’s previous close.

BBY has been the subject of a number of other reports. Barclays downgraded Best Buy shares from a “buy” rating to an “equal weight” rating in a research note on Wednesday. Truist Financial cut its price target on shares of Best Buy to $83.00 and set a “hold” rating on the stock in a Thursday, May 19 research note. Citigroup cut its price target on shares of Best Buy from $100.00 to $80.00 and set a “buy” rating on the stock in a research note on Friday, May 13. Guggenheim cut its price target on shares of Best Buy from $140.00 to $130.00 and set a “buy” rating on the stock in a research note on Friday, March 4. Finally, Jefferies Financial Group raised its price target on Best Buy shares from $137.00 to $140.00 and gave the company a “buy” rating in a Friday, March 4 research report. Five equity research analysts gave the stock a hold rating and twelve gave the company a buy rating. According to data from MarketBeat, the stock currently has an average rating of “Buy” and a consensus price target of $106.80.

BBY opened at $73.47 on Wednesday. Best Buy has a fifty-two week low of $69.07 and a fifty-two week high of $141.97. The company has a debt ratio of 0.40, a current ratio of 0.99 and a quick ratio of 0.43. The company has a market capitalization of $16.53 billion, a price-earnings ratio of 7.47, a PEG ratio of 0.86 and a beta of 1.42. The company’s 50-day moving average price is $91.49 and its two-hundred-day moving average price is $100.24.

Best Buy (NYSE:BBY – Get Rating) last released its results on Tuesday, May 24. The tech retailer reported earnings per share of $1.57 for the quarter, missing analyst consensus estimates of $1.61 per ($0.04). Best Buy had a return on equity of 63.23% and a net margin of 4.74%. The company posted revenue of $10.65 billion for the quarter, versus a consensus estimate of $10.43 billion. In the same period a year earlier, the company earned earnings per share of $2.23. The company’s revenue fell 8.5% compared to the same quarter last year. As a group, equity research analysts expect Best Buy to post EPS of 8.94 for the current year.

In other Best Buy news, insider Todd G. Hartman sold 1,188 shares in a trade dated Thursday, April 21. The shares were sold at an average price of $95.72, for a total transaction of $113,715.36. Following the completion of the transaction, the insider now owns 34,513 shares of the company, valued at $3,303,584.36. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available on the SEC’s website. Additionally, CAO Mathew Watson sold 2,331 shares in a trade dated Tuesday, March 22. The stock was sold at an average price of $99.06, for a total transaction of $230,908.86. The disclosure of this sale can be found here. In the past 90 days, insiders have sold 36,955 shares of the company valued at $3,662,097. 0.36% of the shares are held by insiders of the company.

Several institutional investors have recently changed their positions in BBY. Norges Bank bought a new stake in shares of Best Buy in the fourth quarter for a value of approximately $251,898,000. Allspring Global Investments Holdings LLC purchased a new stake in shares of Best Buy in the fourth quarter worth approximately $190,672,000. Franklin Resources Inc. increased its holdings of Best Buy shares by 1,039.1% in the third quarter. Franklin Resources Inc. now owns 1,980,368 shares of the tech retailer worth $209,345,000 after buying an additional 1,806,513 shares last quarter. Capital World Investors purchased a new equity stake in Best Buy in the first quarter worth approximately $99,081,000. Finally, First Trust Advisors LP increased its stake in Best Buy by 37.2% in the fourth quarter. First Trust Advisors LP now owns 1,939,489 shares of the tech retailer valued at $197,052,000 after buying an additional 526,208 shares last quarter. 80.79% of the shares are currently held by hedge funds and other institutional investors.

Best Buy Company Profile (Get a rating)

Best Buy Co, Inc retails technology products in the United States and Canada. The Company operates in two segments, domestic and international. Its stores offer computer products, such as desktops, laptops and peripherals; mobile phones with associated mobile network operator fees; networking products; tablets covering e-readers; smart watches; and consumer electronics including digital imaging, health and fitness, home theater, portable audio including headphones and portable speakers, and smart home products.

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